Dublin, Oct. 26, 2021 (GLOBE NEWSWIRE) — The “Sub-Orbital Reusable Vehicle (SRV) Market: Focus on Application, System, and Country – Analysis and Forecast, 2021-2031” report has been added to ResearchAndMarkets.com’s offering.
The global sub-orbital reusable vehicle (SRV) market is estimated to reach $1.86 billion in 2031, at a compound annual growth rate (CAGR) of 16.89% during the forecast period 2021-2031.
The major driving factor for the market’s robustness will be focused efforts to enable space transportation, emerging start-ups in sub-orbital transportation, and increasing developments in low-cost launching sites.
Space transportation has garnered significant interest from several space industries in the past few years. In the past, most space transportation has been focused on cargo supply missions to the International Space Station (ISS) and launch services, but currently, this focus has shifted to in-space transportation, planetary explorations, crewed missions, sub-orbital transportation, and space tourism.
Several companies, including SpaceX, Blue Origin, and Virgin Galactic, have been focusing on developing platforms such as rocket-powered sub-orbital vehicles that will enable the industry to carry out sub-orbital transportation and space tourism.
Sub-Orbital Reusable Vehicle (SRV) Market
Sub-orbital transportation and space tourism capabilities have been demonstrated in the past. For instance, in the 1920s, Robert H. Goddard launched the first liquid-fueled rocket, which started scientific sub-orbital flights. The scientists expected to perform experiments in microgravity or above the atmosphere with the main use of sub-orbital flight.
After the X-20 Dyna-Soar project, numerous research activities that focus on sub-orbital transportations have been conducted. Additionally, the first tourist to space was Dennis Tito, who flew to the ISS onboard Russia’s Soyuz spaceship in 2001. From 2001 to 2009, private individuals were successfully sent into space aboard a Russian Soyuz spacecraft. From 2001 to 2009, Space Adventures, a space tourism company, had organized eight space flight tours to the ISS for seven private individuals with the help of Russia’s Space Agency.
Currently, the industry is focusing on developing technologies, platforms as well as spaceports that will enable space transportation. One of the major technologies that the industry is focusing is the reusability of space systems such as suborbital or orbital reusable vehicles.
The reusable systems allow the companies to reduce costs as well as operate the system for several missions. The developments of the players in the market showcase that this market has the potential to have immense growth in the upcoming years.
Market Segmentation
Sub-Orbital Reusable Vehicle (SRV) Market by Application
Microgravity research, demonstrations, testing, and experiments application…
Read More: Focused Efforts on Enabling Space Transportation, Emerging Start-Ups in